Tax rebate on 2nd home loan for house under construction

POSTED BY Amit ON July 30, 2013 9:41 pm ONE COMMENT

Dear Experts,

I have 2 home loans – one for home which is self occupied & second loan for a house which is under construction. I understand that exemption is not allowed on interest paid till we get possession. I also understand that interest on these pre possession EMI’s can be taken as exemption in 5 years after possession (each year 20%). My question is that do we have to enter the details of interest to be carried forward in schedule CFL of ITR 2? If yes, what is the procedure of claiming 20% each year after posession?

Thanks

Amit

One reply on this article “Tax rebate on 2nd home loan for house under construction”

  1. Dear Amit, you should quote only 20% prev. year interest along with the regular year interest in House property sheet.

    Thanks

    Ashal

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